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NMLS # 1136 and T&C apply
BB&T offers a number of different home equity loan and home equity line of credit products that will fit the needs of many customers. Their loans can be used for a variety of purposes and they offer many different repayment options in order to provide the best loan experience possible.
What We Learned
PROS
R
Flexible loan and line of credit options with a good rewards program.
CONS
Q
Online customer experience is lacking compared to other lenders we looked at.
OVERALL SCORE
%
Detailed Review
BB&T is a growing bank, based in the Southeastern US. They have a wide range of home equity products, including loans, lines of credit, and refinancing. Their website is bare-bones, but customer reviews indicate that they are generally a solid lender for home equity products.
Rates and Fees
BB&T doesn’t have any information about their rates and fees on their website. As a result, customers will have to call or go to a physical office in order to get more information about the cost of their home equity loan or home equity line of credit. Customers have reported that rates are generally pegged to the prime rate, but it is unclear what the rate cap is. Other customers have complained that the closing costs associated with BB&T products are higher than other lenders, and our research indicates that is likely the case. Moreover, depending on the state you live in, you may have to deal with an annual fee in addition to the other associated fees. One nice thing is that there are no origination fees for home equity lines of credit, though the interest rate for the lines of credit is variable.
Eligibility
BB&T also doesn’t offer any information on their site about their eligibility restrictions. When we spoke to a loan officer they indicated that they evaluate whole credit history and not just credit score, which can be a boon for individuals that have had a rough credit past but have stabilized their situation recently. The loan-to-value ratio and debt-to-income ratios that BB&T looks for are on par with other lenders of a similar size. Unlike some other banks, BB&T does offer home equity loans as well as lines of credit, which makes them slightly more flexible than some of the comparable lenders we reviewed.
Loan Requirements
As with other elements that we review, BB&T doesn’t offer any guidelines on their site. Loan officers we talked to after calling were hesitant to share any information without filling out an application for us, which can be off-putting for individuals who aren’t sure they want to receive a loan from BB&T. Some customers reported that the minimum loan value was less than other lenders, and their maximum loan value was comparable to similar sized lenders.
Customer Experience
Customers generally had positive reviews of BB&T. Their website leaves a lot to be desired, there’s no live chat option and there’s no clear link to email questions. However individuals who went into the branch generally found the loan officers to be helpful and enjoyable to deal with. BB&T doesn’t have as many educational resources on their site as some of the other lenders, and their loan calculator crashed the first time we tried to load it, but worked fine on the second try. Customers were also happy that BB&T helps them understand the tax implications of their loan, finding potential savings if customers could deduct the interest on the loan from their taxes
BB&T is a good lender if you are the kind of person who prefers to conduct business in person. They have a number of different options for home equity loans and lines of credit, so it is likely they’ll have a product that fits your needs. However, the lack of information on the website, missing live chat, and other little things prevent BB&T from ranking among the best of the home equity lenders we reviewed.
